Sector: Energy|Industry: Oil & Gas Exploration & Production|Market Cap: $8.75B|Employees: 2K
APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally. APA Corporation was incorporated in 1954 and is headquartered in Houston, Texas.
The company reported a net loss attributable to common stock of $(223) million, or $(0.60) per diluted share, compared to net income of $459 million, or $1.49 per diluted share, in the third quarter of 2023. This decrease was primarily driven by $1.1 billion of impairments, including $793 million in the North Sea and $315 million in the Permian Basin.
Total revenues increased to $2,531 million from $2,308 million in the prior year. This increase happened despite lower average realized prices for oil, natural gas, and NGLs. The increased revenue is attributed to higher production volumes, especially in the U.S.
The company generated $2.6 billion of cash from operating activities during the first nine months of 2024, a 23% increase compared to the same period in 2023. This increase is primarily driven by higher revenues and timing of working capital items.